July 20, 2022
$55 Million Mixed-Use Affordable Housing Project Will Serve Low-Income, Formerly Homeless New Yorkers in Mount Hope Neighborhood
Project Reflects Goals of Mayor Adams’ ‘Housing Our Neighbors’ Blueprint, Builds on Largest Affordable Housing Investment in City’s History
NEW YORK – New York City Mayor Eric Adams and New York Governor Kathy Hochul today announced the start of construction on a $55 million affordable housing development in the Mount Hope section of the Bronx. Known as Mount Hope Walton Apartments, the new development will include 103 homes affordable to low-income New Yorkers — including 16 for those who formerly experienced homelessness — and a 9,500-square-foot community gymnasium.
“We are making record investments in truly affordable housing, and this project will ensure that New Yorkers from 103 households have a safe, clean place to rest their heads at night,” said Mayor Adams. “We are bringing our resources to bear on the city’s affordable housing crisis, from financial resources to city-owned land, and our close partnership with Governor Hochul is ensuring that we ‘Get Stuff Done’ for New Yorkers.”
“Every New Yorker deserves high-quality affordable housing, and this new housing development is part of my administration’s commitment to increase the supply of high-quality housing across the Bronx,” said Governor Hochul. “This $55 million mixed-use development will enhance the neighborhood, improve the lives of its residents, and strengthen the community they call home. By joining forces with Mayor Adams, we are making sure everyone in New York has the dignity of a roof over their heads.”
Mount Hope Walton Apartments reflects the goals of Mayor Adams’ “Housing Our Neighbors” blueprint for getting New Yorkers into safe, high-quality, affordable homes. The first city housing plan to cover the entire spectrum of New Yorkers’ housing needs and options, the blueprint builds on Mayor Adams’ $22 billion capital commitment to affordable housing, the largest such investment in the city’s history.
The new development will be constructed adjacent to the existing Mount Hope Community Center on Walton Avenue. The community gymnasium will include a fitness center and regulation-size basketball court for high school games. The space will be leased to a nonprofit operator for a nominal rent, with programming available to residents and the community.
The building’s upper floors will consist of a mix of one-, two- and three-bedroom apartments. All 103 apartments are affordable to households earning at or below 80 percent of the area median income. Sixteen apartments will be reserved for families experiencing homelessness.
Additional residential amenities will include laundry facilities, two indoor recreation rooms, outdoor recreation space, and bike storage.
The developers are Procida Development Group, LLC, and Mt. Hope Housing Corporation.
City support for the project includes $15.8 million from the New York City Department of Housing Preservation and Development (HPD) through the Mix and Match program. The New York City Economic Development Corporation (NYCEDC) also deeded city-owned land to Mount Hope Housing for the development. State financing for Mount Hope Walton Apartments includes Low-Income Tax Credits that will generate $23 million equity and $2.6 million in subsidy from New York State Homes and Community Renewal (HCR). The New York City Council and Bronx borough president provided $2.25 million in combined Reso A funding. Additional financing is being provided by Webster National Bank.
“Mixed-use, community-focused housing developments are vital to tackling our housing shortage while also preserving neighborhoods for long-term residents, which is at the heart of ‘Housing Our Neighbors,’ a citywide blueprint for housing and homelessness,” said New York City Chief Housing Officer Jessica Katz. “These 103 new affordable apartments and the new gym will strengthen the Mount Hope neighborhood, help our neighbors experiencing homelessness, and better support the community’s current and future residents. Congratulations to everyone involved.”
“New York City’s comprehensive housing blueprint prioritizes the creation of affordable housing that can also bring amenities that meet the community’s needs. Mount Hope Walton Apartments will bring 103 affordable homes to the Mount Hope neighborhood, as well as provide a community gym with programming for residents and their neighbors,” said HPD Commissioner Adolfo Carrión Jr. “Congratulations to Mount Hope Housing Company and Procida Companies for breaking ground on this wonderful development. We look forward to welcoming residents home soon.”
“This new mixed-use development delivers on key commitments laid out in Mayor Adams’ housing blueprint to increase and provide safe, affordable housing to more New Yorkers,” said NYCEDC President and CEO Andrew Kimball. “We are proud to have worked with the Mount Hope Housing Company to facilitate the land sale to bring over 100 affordable homes and recreational opportunities to the Mount Hope neighborhood.”
“1761 Walton will bring more than 100 much-needed quality affordable homes to the Bronx and expand recreational facilities for residents of the Mount Hope neighborhood. And for the families who will soon call this home, they will benefit from a conveniently located apartment that provides easy access to valuable community resources and services,” said HCR Commissioner RuthAnne Visnauskas. “Congratulations to Procida Development, the Mount Hope Housing Corporation, and our partners in government for this accomplishment that will improve the lives of so many New Yorkers.”
“On behalf of our third-generation Bronx-based family business, I would like to express our excitement, gratitude, and optimism as we break ground on 1761 Walton Avenue,” said Peter Procida, principal, Procida Companies. “At Procida, we specialize in realizing the potential of even the most challenging sites to develop. It brings us great joy to have helped Mount Hope Housing deliver on its vision. We look forward to having over 100 households move in when we are complete and having the new recreational space serve as a safe and welcoming resource to the community.”
“Today’s groundbreaking marks the realization of a dream 20 years in the making,” said Fritz Jean, CEO, Mount Hope Housing Company. “1761 Walton will help Mount Hope deliver on its mission of providing community development, affordable housing, and youth services all together on this amazing campus. ‘Amazing things are happening here’ is a motto of ours, and this new building will be the embodiment of that ideal. We appreciate the expertise, resilience, and creativity of our partners at the Procida Companies. Finally, we extend our gratitude to the government agencies and elected leaders who helped fund this project and make the dream into a reality.”
“We need real affordable housing in the Bronx, and these new 103 units at 1761 Walton Avenue are a welcomed addition to our neighborhood,” said New York State Senator Gustavo Rivera. “This new housing development will provide working families with an affordable place to live and help New Yorkers struggling with homelessness to achieve long-term stability with a place to call home. I’m excited about the new recreational center and the partnership with Mount Hope Community Center to offer community members a safe space to enjoy healthy activities. I commend the city and state for working together and investing in critical housing projects for the Bronx.”
“Affordable housing is the lifeline that sustains and grows many local communities. This monumental investment in building affordable housing helps ensure that there are more opportunities for growth among the many residents who call this district home,” said New York State Assemblymember Yudelka Tapia. “I am glad to see that Mount Hope, an organization that has provided countless opportunities to many Bronx residents, rededicate themselves to this tradition by investing in Mount Hope Walton Apartments. I look forward to continuing our partnership in making the Bronx an affordable place to live.”
“Through this $55 million affordable housing development in the Mount Hope section of the Bronx that includes 103 affordable one-, two- and three-bedroom apartments, with 16 of them set aside for those impacted by homelessness, Procida Development Group, LLC and Mount Hope Housing are answering the call of housing advocates citywide who correctly assert that housing is a human right,” said Bronx Borough President Vanessa Gibson. “The project also ensures neighborhood residents are provided the opportunity to apply to the facility that includes recreational space, a workout room, a basketball court, and other amenities that further demonstrate their leadership as a model for other developers looking to build locally to follow.”